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Hyundai's economic stimulus package
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A major reason car sales have tanked in recent months is the sharp rise in unemployment. Folks who are worried about losing their jobs aren’t likely to take on the added risk of a five-year car loan.
Hyundai Hyundai Motor America unveiled a novel approach to the problem over the weekend. Dubbed the Hyundai Assurance Program, the South Korean automaker said that people who finance or lease a new Hyundai during the next 12 months can return the car if they “experience an involuntary loss of income” within one year of the purchase date.
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According to a Hyundai press release, buyers can return a vehicle for no additional charge within 12 months of purchase if any of the following occur:
-- Involuntary unemployment
-- Physical disability
-- Loss of driver’s license for medical reasons
-- Job transfer overseas
-- Personal bankruptcy filing by a self-employed worker
-- Accidental death
To qualify, the buyer must have made at least two scheduled payments on the loan or lease and be current on the payments, as well as pay the amount over the $7,500 negative-equity threshold. The value of the vehicle will be determined by the dealer, who will be allowed to re-sell the vehicle, Hyundai said. Returning the car shouldn’t have a negative impact on the customer’s credit, the automaker said.
Asa ka pa mangyayari yan dito alam naman nila gano ka garapal mga tao dito... Atsaka sa US malaki masyado yung market bread and butter yan ng mga car companies so depserate times call for desperate measures. The car companies would probably care less if the local market slumps we only sell roughly 100,000 cars a year VS the US which sells at an optimum of 16 million a year give or take.
__________________ http://www.santafeclubph.com/ "if you want to continue to be the slaves of bankers and pay the cost of your own slavery,then let bankers continue to create money and control credit." Sir Josiah Stamp
Sabi nga nila delikado daw ang auto industry sa US if they could only sell 10M cars this year...
__________________ http://www.santafeclubph.com/ "if you want to continue to be the slaves of bankers and pay the cost of your own slavery,then let bankers continue to create money and control credit." Sir Josiah Stamp
Give and take, it should be around 7 to 8 million.
Estimated 250,851,833 registered passenger vehicles in the United States according to a 2006 Department Of Transportation study.
Baka isa na sa pinakamataas na ratio ng vehicle to population ang California....
Practically, non-existent ang public transportation doon....
7303
__________________ "Life is what happens to you while you're busy making other plans"......... JL "Government is not the solution to our problems. Government is the problem".. RWR
Sabi sinadya daw yun ng auto industry. They have a strong lobby in Congress to go against any kind of mass transport so people will be forced to buy vehicles.
__________________ http://www.santafeclubph.com/ "if you want to continue to be the slaves of bankers and pay the cost of your own slavery,then let bankers continue to create money and control credit." Sir Josiah Stamp
Baka isa na sa pinakamataas na ratio ng vehicle to population ang California....
Practically, non-existent ang public transportation doon....
7303
Public transportation is limited to city limits. I've been to most of the big cities in CA. They have public buses in addition to a public rail system. Also, I think public buses aren't allowed in interstates and other highways. They're limited to city streets.
it's GREAT marketing. as a former marketing guy i really have to tip my hat to Hyundai for thinking out of the box. it really hits the most sensitive nerve for the American consumer today and eases their biggest fear. and it BLOWS the competition out of the water...why would i buy anything else when this one has a return policy?
and the best part: it really won't cost them as much as you'd think. even in today's bad economic climate the worst unemployment rate i have seen (in Florida) is 8%. when you consider that 3-4% of people are voluntarily unemployed (like housewives, students), there is maybe a 4% chance that Hyundai will have to take a car back.
and their losses are not too high...capped at $7500 and they can sell the used car for profit again. brilliant.
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And they will announce this offer in the Super Bowl one of the most watched event in the US if not the most watched.
__________________ http://www.santafeclubph.com/ "if you want to continue to be the slaves of bankers and pay the cost of your own slavery,then let bankers continue to create money and control credit." Sir Josiah Stamp
DETROIT - You've heard about the Hyundai Assurance Program, the one that guarantees the South Korean company will buy back your new car if you lose your income? It works. Hyundai Motor America announced Tuesday a 14-percent increase in sales compared with January 2008. Hyundai sold 24,512 cars and trucks.
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This is what sets some Korean companies apart. Great scheme!!
Now all they have to look out for are the scams that the consumer might pull-off on them especially the physical disability part. Lotsa insurance scams related to this are common there.
__________________ Nothing can be more beautiful than a perfectly executed golf swing. ____________
Hyundai Motor America incredible offer
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Re: Hyundai Motor America incredible offer
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